Words cut off my original post............. Thus a person with no job or low paying job, or a person wanting to buy a run down UNSELLABLE house in that area could not be refused a loan. This flew in the face of all rules of prudent lending going back for over 400 years. The banks fought the thing in the Courts and LOST! So they made the loans and on sold the mortgage loan to a "greater fool". Thus was born the terms "JUNK LOAN' and "SUB PRIME". The rest is history!